Real Estate Investment Trusts (REITs) er fonde, der investerer i ejendomme. Typisk kan fondene være med til at være beskytte mod inflation, fordi ejendomspriserne typisk også stiger med inflationen, bl.a. fordi folk begynder at købe fast ejendom. REIT skal også udbetale udbytte til investorerne.

Som altid kan man blive klog af at lytte til Ben Felix:

Hvorfor REIT

REIT er et værktøj til at komme ind i ejendomsmarkedet uden selv at behøve at eje ejendomme. REIT bevæger sig typisk også lidt anderledes end aktiemarkedet.

Backtest lavet med det gratis PortfolioVisualizer mellem Vanguards VT (som dækker et globalt verdensindeks) og Vanguards VNQ (som dækker REIT).

Obvious Investor har REIT som en del af sit Growth Portfolio og har skrevet en fin artikel om hvad REIT er?

Er REITs en god beskyttelse mod inflation?

J. L. Collins mener dog nu ikke længere, at REIT fungerer særlig godt som et værn mod inflation.

“Stocks are, over time, a fine inflation hedge. People forget that stocks are not just pieces of paper. Stocks are pieces of ownership in operating businesses. Sales, inventory, plants, equipment, brands et al. All of which rise in value with inflation.”

Paul, som svar til J. L. Collins

The problem is that REITs are made up primarily of companies that hold office buildings, apartment buildings and the like. Once you put a building on a piece of land it effectively becomes a business with the same potential and shortcomings of other businesses. That’s fine in times of normal to high inflation. In times of hyper-inflation we’re asking too much of it.

J. L. Collins

I guess part of my reluctance to buy into REITs is from looking at the fundamentals. Land itself is not a productive asset. Therefore, unlike stocks which are based on companies, it cannot increase in productivity. Any capital gains on real estate is due to some other factor.

J. L. Collins

Hvordan REIT?

Du kan naturligvis købe de enkelte REITs, men jeg hælder meget mere til at købe ETF’er som har et bredt udsnit af REITs, så jeg har en højere diversificering i min portefølje.

Jeg har fundet følgende interessante muligheder.

Tick Værdipapir ÅOP Morningstar rating Bæredygtighed Forvaltning
SPYJ SPDR® Dow Jones Global Real Estate UCITS ETF (EUR) 0,40% ★★★☆☆ ⚫⚫⚫⚫⚪ Passiv
H4ZL HSBC FTSE EPRA NAREIT Developed UCITS ETF (EUR) 0,40% ★★★☆☆ ⚫⚫⚫⚪⚪ Passiv
TRET VanEck Vectors™ Global Real Estate UCITS ETF (EUR) 0,25% ★★★☆☆ ⚫⚫⚫⚫⚪ Passiv
D5BK Xtrackers FTSE Developed Europe Real Estate UCITS ETF 1C (EUR) 0,33% ★★★☆☆ ⚫⚫⚫⚫⚪ Passiv
XREA Xtrackers FTSE Developed Europe ex UK Real Estate UCITS ETF 1C (EUR) 0,33% ★★★★☆ ⚫⚫⚫⚫⚪ Passiv
IQQP iShares European Property Yield UCITS ETF EUR (Dist) (EUR) 0,40% ★★★★☆ ⚫⚫⚫⚫⚪ Passiv

Hvad er alternativet?

William Bernstein mener, at en internationalt diversificeret er lige så god som at holde REIT.

The cheapest solution is to hold an internationally diversified stock portfolio, so that rampant inflation in the U.S. can be offset by more stable returns from foreign stocks.

William Bernstein fra Forbes

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